{"F": {"ts_code": "300126.SZ", "name": "锐奇股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "其他通用设备", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20101013", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.61, "pe_ttm": null, "pb": 2.0479, "dv_ttm": null, "total_mv": 200915.9736, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.7, 13.5, 10.6, 15.5, 13.6, 9.8], "rev_series": [4.3, 6.3, 4.3, 5.0, 4.4, 4.9], "np_series": [0.1, 0.1, 0.0, 0.0, -0.2, -0.5], "roe_series": [1.2, 1.0, 0.4, 0.4, -1.8, -4.4], "period": "20260630", "rev_ttm": 5.1, "np_ttm": -0.6, "ocf_ttm": -0.9, "fcf_ttm": -1.0, "fcf_yield": -5.1, "ocf_yield": -4.6, "gm_median": 13.5, "gm_std": 2.1, "gm_stab": 0.84, "gm_chg_2022": -9.0, "npm_median": 0.8, "roe_median": 0.4, "commodity": false, "hard_ratio": 8.0, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 2.05, "capex_dep": 0.79, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 21.2, "debt_mv": 0.1, "payout": 100.0, "div_years": 3, "rev_cagr3": 4.1, "np_cagr3": null, "rev_yoy": 7.7, "np_yoy": -101.0, "np_vol": 215.1, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电动工具", 94.0], ["配件", 3.0], ["其他业务", 3.0]], "ret_prev_year": 66.9, "ret_prev2_year": -28.2, "ret_ytd": -22.8, "ret_pivot": 56.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.8, "ret_60": 3.4, "ret_120": -24.5, "ret_250": -16.2, "mdd_250": -50.1, "vol_250": 46.2, "pos_52w": 64.3}, "S": {"duration": 100, "pricing": 40, "hard": 13, "bondness": 54}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 21%,有息负债 0 亿,经营现金流/市值 -4.6%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 8%,毛利率近 5 年中位 13.5%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -5.1%(经营现金流/市值 -4.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.5%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -9.0 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 0.79 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -16%,最大回撤 -50%,年化波动 46%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 8% / 3% / -24%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "锐奇股份:PE ;股息率 ;毛利率 比行业中位低 15.0个百分点;固定资产占比 比行业中位低 12.8个百分点。"]}}